After a very public collapse of its financial sector in 2013, Cyprus' banking system is on the mend, the country's finance minister told CNBC, while insisting that the upcoming elections in Greece would not affect its economic recovery.
"We're in a much better situation," Minister of Finance Harris Georgiades told CNBC Monday. "We are definitely out of the danger zone now, and the recession seems to have run its course. We are very optimistic that the new year will see a return to positive growth rates."
Cyprus has been battling an economic slump compounded by the collapse of its financial system two years ago, which saw the country secure a 10 billion euro ($11.8 billion) bailout overseen by the so-called troika – made up of the European Commission, European Central Bank and International Monetary Fund.
But this was not before one of the country's financial behemoths, the Cyprus Popular Bank, was wound down and another – the Bank of Cyprus – was recapitalized by measures including the seizing of depositors' uninsured savings above 100,000 euros ($120,000).